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Rewarding an Entrepreneurial Spirit and Innovative Approach

December 14, 2015

On 3 December 2015, at an awards ceremony sponsored by CzechInno Association honoring the most innovative and visionary Czech commercial or business developments of the past year, FERMAT won an honorable mention for its bold approach of taking on heavyweight manufacturers in the US machine tool market through its strategic acquisition of Lucas Precision in 2015.

As announced by Czech television personality and moderator Iveta Touslova at the grand Palac Adria in Prague, Czech Republic, the panel of judges, experts in various fields of economics, finance and business, appreciated not only the tenacity and foresight demonstrated in so adeptly repositioning its commercial activities but also for the synthesis of profit and economic expansion FERMAT has created, praising the company for its “economic contribution in the field of mechanical engineering and export.”

Tomas Slavik proudly holds award FERMAT won for its economic contribution in the field of mechanical engineering and export in 2015

Jan Ferenc & Tomas Slavik

Describing the importance of the transaction as “a true entry ticket to the America and the North American machine tool market, Ing. Tomas Slavik, MBA, Financial Manager at FERMAT, further describes the steps taken since the purchase of Lucas Precision to make part-and-parcel of FERMAT’s rising star:

“In the year since the acquisition, we have dedicated our complete attention to the successful integration of the company into FERMAT Group. The adaptation of logistics, management and communication within FERMAT has been demanding on time, patience, and communication. However, thanks to the integration, our business team and Lucas Precision brought in customer orders so significant that in 2015 Lucas Precision will reap its highest turnover ever, achieving its best economic results on record. For the time being, the company is concentrating mainly on the sales and opportunities in the North American market; it has strengthened its sales team and has built a call center, and it is intensively communicating with clients, even directly to customers. Lucas Precision will endeavor to expand its activities further in the near future, seeing potential in new manufacturing areas and its strong technological background.”

Financing for the transaction was provided in part by the Czech Export Bank (CEB) which “forms one of the pillars of the government’s pro-export policy system.” CEB rightly sees FERMAT as a trusted ally in its mandate “to support Czech exports and the renown of the Czech Republic as a well-established international exporter, and thus promote the overall competitiveness of Czech products throughout the world.”[1]

In his acceptance speech on behalf of the company, Ing. Tomas Slavik, MBA, Financial Manager at FERMAT, explained his take on why FERMAT has succeeded where many other Czech companies have wilted at the thought of entering the dominant market. As he sees it, though the task is entrepreneurially complicated, the vision necessary for overcoming it requires courage, the will not to fold under pressure and to carry on with skill, energy, and determination to win. This has been the cornerstone of FERMAT’s growth, constantly testing its mettle in the complex world of business, international trade and modern industry.